Home > Financial Ponzi, stock charts, Stock Market, technical analysis > S&P: more upside, or topping?

S&P: more upside, or topping?

The S&P broke above a meaningful downward trendline last week.  Here is a 9 month daily chart, showing that line has provided support or resistance roughly 6 times…

Last week’s rally did not take out the previous high from August, so all is not yet clear for the bulls.  We should find out in the coming days whether that previous trendline continues to play a significant role.  If so, it should provide some support.  I’ve added  second minor trendline that may be ready to lend a little support here as well.  Here is a look at the intra-day over the last 3 months.

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